For the East Coasters here (where I come from for the majority of my backpacking experience) I will say that there is no risk to run from a bear "munching" on you. Other than in the Great Smokey Mountains NP I slept with my food during most all of my camping trips while in the southern Appalachians and never had any problems with bears.
East coast black bears are very easy to deal with, in fact I have had to force off the trail three distinct black bears, over the course of two hours, that were blocking the way back to my car when I had to be at work later that day. Just make a lot of noise and they will leave you alone in my experience.
As for hanging food near your hammock, I do not have much experience with that. During my time in the southern Appalachians I left my food inside of my tent, which may throw off the weight distribution of a hammock. I'm still trying to figure out the best distribution of food while in a hammock. Right now I have reverted to hanging my food.
In response to the original question, I use the Warbonnet Travel Net bug net. It allows me to use a hammock up to ten feet in length with an appropriate ridgeline. It also lets me use an under quilt inside of the bug netting, whereas the BIAS buginator net appears, in use, to make the use of an underquilt more difficult. This is merely my observation at the moment. Soon I will have an underquilt to use, and the types of bugnets which cinch up tight to the bottom of a hammock seem to not allow for the use of an underquilt in the same way that my Warbonnet does. If anyone has any conflicting experience please voice it.
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